Dynasty prequel in the pipeline
Speaking to E! Online, Richard Shapiro said the movie would act as a prequel to the TV show, which starred John Forsythe, Linda Evans and Joan Collins.
The film will focus on the wealthy Carrington family, he said, adding that he hopes it is the first of a franchise.
"It's how young Blake doesn't realise he's the son of Tom Carrington, but then he finds himself at the head of this company and surrounded by assassins and people who want to do him in," he revealed.
Although a script has not been written yet or actors cast for the roles, the project is well underway.
The original show won a number of Golden Globes over its eight-year run, with Forsythe taking home the best actor in a TV series award in 1983 and 1984, while Evans netted the best actress accolade in 1982.
Collins won the best actress award in 1983 and the show was named best TV series in the drama category in 1984.